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REAFFIRMATION OF DEBTS Occasionally, a Chapter 13 debtor wishes to or is asked to reaffirm a debt which has been discharged following the successful completion of a case. You do not have to reaffirm
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How to fill out reaffirmation of debts

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How to fill out reaffirmation of debts:

01
Review your financial situation: Before filling out a reaffirmation agreement, it is important to assess your financial situation. Analyze your income, expenses, and outstanding debts to determine if reaffirming a specific debt would be beneficial or necessary.
02
Obtain the reaffirmation agreement form: Contact your lender or creditor to request a reaffirmation agreement form. They will provide you with the necessary paperwork to fill out. Make sure to ask for any specific instructions or additional documents required.
03
Read and understand the agreement: Carefully read through the reaffirmation agreement form, understanding its terms and conditions. It is essential to comprehend what you are agreeing to before signing any legal document. If you have any doubts or concerns, seek legal advice from a professional.
04
Provide accurate information: Fill out the reaffirmation agreement form accurately. Include all the necessary details, such as your personal information, the outstanding debt amount, and the terms of the agreement. Double-check the information for any errors or omissions.
05
Consult with an attorney: Considering the potential long-term implications of reaffirming a debt, it is advisable to consult with a bankruptcy attorney. They can provide guidance and ensure that reaffirming the debts aligns with your best interests.
06
Sign and date the agreement: Once you have completed the reaffirmation agreement form and reviewed it thoroughly, sign and date the document. Make sure to keep a copy for your records.

Who needs reaffirmation of debts?

01
Individuals filing for bankruptcy: Reaffirmation of debts is typically necessary for individuals who have filed for bankruptcy. It allows them to choose specific debts they wish to continue paying, rather than discharging them through bankruptcy.
02
Debtors with secured assets: If you have a debt secured by collateral, such as a car loan or a mortgage, you might need to reaffirm the debt to continue keeping the asset. By reaffirming, you agree to keep making payments on the debt for the duration of the agreement.
03
Those seeking to rebuild credit: Reaffirming a debt and making regular payments can help individuals rebuild their credit after bankruptcy. By maintaining a good payment history, you can demonstrate responsible financial behavior, which can positively impact your credit score over time.
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Reaffirmation of debts is when a debtor agrees to continue paying a debt after bankruptcy has been filed.
Debtors who wish to keep certain secured assets and continue making payments on them are required to file reaffirmation of debts.
Debtors must complete a reaffirmation agreement form and file it with the bankruptcy court.
The purpose of reaffirmation of debts is to allow debtors to keep certain assets that are secured by debt, such as a car or a house, while continuing to make payments on them.
Reaffirmation of debts must include details of the debt, the terms of the agreement, and the debtor's income and expenses.
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